MICROCAPITAL BRIEF: European Bank for Reconstruction and Development (EBRD), Turkish Government Launch “Finance and Advice to Women in Business” 

The European Bank for Reconstruction and Development (EBRD), a UK-based multilateral financial institution, along with the European Union Delegation to Turkey, the Turkish Employment Agency and the Ministry of Labour and Social Security of the Republic of Turkey recently launched the “Finance and Advice to Women in Business” program, an initiative that aims to strengthen and increase the role of women in the Turkish economy.

EBRD will provide up to EUR 300 million (USD 380 million) in credit to participating financial institutions for on-lending to female entrepreneurs and women-owned businesses. The European Union, the Turkish Ministry of Labour and Social Security and the Turkish Employment Agency plan to support the initiative with EUR 38 million (USD 48 million) in credit enhancements, advice and technical assistance for participating banks. Turkish commercial banks Finansbank, Garantibank, Isbank, Sekerbank, Turk Ekonomi Bankasi (TEB) and Vakifbank have expressed interest in participating.

Turkey’s Deputy Minister of Labour and Social Security, Halil Etyemez, stated that the program is intended to create 21,000 new jobs for women in Turkey. EBRD hopes to roll out similar programs in other countries in Central Asia, Eastern Europe and North Africa.

In 2013, EBRD had total assets of EUR 49 billion (USD 65 billion) and invested a total of EUR 8.5 billion (USD 11.4 billion) in 392 projects in 34 countries.

By Emily Teleposky, Research Associate

About the European Bank for Reconstruction and Development (EBRD):
The European Bank for Reconstruction and Development (EBRD) is a multilateral institution headquartered in London, England. The bank began operations in 1991 upon the agreement of 40 countries, and it is owned by 64 countries as well as the European Investment Bank and the European Union as of 2014. It aims to finance operations that are both commercially viable and assist development in Eastern Europe, Central Asia and North Africa. It does this by providing loans, debt securities, equity investments, guarantees and technical assistance to micro- and small businesses via commercial banks and non-bank microfinance institutions (MFIs). In 2013, EBRD invested EUR 8.5 billion (USD 11.4 billion) in 392 projects in 34 countries.

[1] “Finance and Advice for Women in Business” Program Launched with Six Turkish Banks, http://www.ebrd.com/pages/news/press/2014/141022a.shtml

[2] MICROCAPITAL BRIEF: European Bank for Reconstruction and Development (EBRD) Commences Advisory Services for Small, Medium-Sized Enterprises (SMEs) in Morocco, October 22, 2014, https://www.microcapital.org/microcapital-brief-european-bank-for-reconstruction-and-development-ebrd-commences-advisory-services-for-small-medium-sized-enterprises-smes-in-morocco/

[3] MICROCAPITAL BRIEF: European Bank for Reconstruction and Development (EBRD) Considers $104m Loan to DenizBank of Turkey for Small, Medium-sized Enterprises (SMEs) in Agribusiness Sector, March 31, 2014, https://www.microcapital.org/microcapital-brief-european-bank-for-reconstruction-and-development-ebrd-considers-104m-loan-to-denizbank-of-turkey-for-small-medium-sized-enterprises-smes-in-agribusiness-sector/

[4] MicroCapital Universe Profile: European Bank for Reconstruction and Development (EBRD), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=European+Bank+for+Reconstruction+and+Development+%28EBRD%29

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